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Income Taxes
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

Note 10 - Income Taxes

 

The provision for income taxes consists of the following (in thousands):

 

   2024   2023 
   December 31,  
   2024   2023 
Current income tax expense / (benefit):          
Federal  $611   $697 
State   163    186 
Foreign   (5)   - 
Total current income tax expense   769    883 
Deferred income tax expense:          
Federal   77    26 
State   13    4 
Total deferred income tax expense   90    30 
           
Total income tax expense  $859   $913 

 

The reconciliation of income taxes calculated at the statutory rates to our effective tax rate is as follows (in thousands):

 

   2024   2023 
   December 31, 
   2024   2023 
Expected tax expense  $625   $644 
State tax provision, net   107    110 
Permanent differences   10    9 
Foreign   66    117 
Stock options   7    3 
Other, net   44    30 
           
Total income tax expense  $859   $913 

 

 

Where Food Comes From, Inc.

Notes to the Consolidated Financial Statements

 

The income tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands):

 

   2024   2023 
   December 31, 
   2024   2023 
Deferred tax assets (liabilities):          
Accruals and other  $148   $141 
Stock based compensation   124    141 
Property and equipment   123    75 
Intangibles assets   (39)   136 
Net deferred tax assets   356    493